Important Life Insurance Options

When buying life insurance, there are usually optional extras that each life insurance company makes available.  Most people are so busy focusing on the face amount and the monthly premium that they overlook these features entirely.  The following three life insurance options are well worth considering.

Critical Illness Life Insurance: Due to the extreme out-of-pocket expenses associated with cancer and other critical illnesses, it’s prudent to consider additional life insurance coverage for this.  One way is to add a Critical Illness Life Insurance Rider to your policy.  If you are diagnosed with one of these conditions, your life insurance can be advanced, even if the condition is not classified as “terminal”.  (The Terminal Illness coverage is usually included at no additional charge to your life insurance policy.)

Waiver of Premium: Obviously, it would be important to you were you to be disabled due to an illness or injury to have your premiums paid by the life insurance company while your disability lasts.  This is not included automatically but is a very affordable option to add.  Some policies also pay for unemployment, not just disability, and the importance of that feature in this economy is clear.

Indexation: If you would like the value of your face amount to keep pace with inflation through the years, the Indexation option is for you.  Each year the life insurance company calculates the amount your life insurance policy will need to adjust and increases your coverage and premium accordingly.  You don’t have to qualify physically or answer health questions for your coverage to increase when using this feature.

There are other life insurance options available with specific companies, and some of them may be perfect for your situation as well, but these are three common options to check out.

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Article added 08/16/2011  by Amber Douglas
Senior Market Advisor: Morgan White Group
amber.douglas@morganwhite.com

For more info about Term Life Insurance, please feel free to contact me.
Submit basic questions to: seniordivision@morganwhite.com.